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The cryptocurrency market has not decided yet which way to go, as the rates of some coins are rising, while others are falling.
Top coins by CoinMarketCap
BTC/USD
The rate of Bitcoin (BTC) has increased by 0.16% since yesterday.
Image by TradingView
On the local time frame, the rate of Bitcoin (BTC) keeps trading in a narrow channel, between the support at $26,289 and the resistance at $26,778.
At the moment, there are no bullish or bearish signals, which means that there is a high chance to see ongoing consolidation in the range of $26,500-$26,700.
Image by TradingView
On the daily time frame, the rate of Bitcoin (BTC) is accumulating energy for a sharp move. However, if the fall continues to the $26,000 zone and fixes below it, there is a high probability to see a test of the support at $25,270 soon.
Image by TradingView
A better situation can be seen on the weekly chart, as the price has bounced off the mirror level at the $25,300 area. If the bar closes far from it, traders can expect a local correction to the $27,000-$28,000 area.
Bitcoin is trading at $26,584 at press time.
Vladislav Sopov